The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1887-12-16
President MESSAGE
Cleveland Confines Himself to
the Tariff.
-----~----
THE SURPLUS MUST BE CHECKED.
The Reduction should be Made Ia
Cnstoms Rather than Internal
Revenue. He EavOrs n
Reduction ON Wool.
THE SURPLUS MUST BE CHECKED,
Annual Reports Of the secretary Of War and
ths Attorney General

WASHINGTON, Dec. 6.-Tho presi-
dents message was delivered to con-
gress to-day as follows:
To The Congress Of he United Slaies;--
You are confronted at the threshold OF
your legislative duties with a condition
OF the national finances which impera-
tlvely demands immediate and careful
consideration. Tho amount OF money
annually received through the operation
OF the present laws, from tho industries
and necessities of the people. largely ex-
ceeds the sum necessary to meet the ex-
penses Of the government. When We
consider that the theory Of our institu-
tiOns guarantees 10 every citizen the full
enjoyment OF the fruits Of his industry
and enterprise, with only such deduction
as may be his share towards the careful
and economical maintenance of The gov
ernment which protects MIN, il is plain
that the exaction OF more than this is
indeiensibe, and a eulpable betrayal OF
fairness and justice. This wrong in
hicied upon those who bear the burden
OF national taxation, like other wrongs,
mu.tiplies brood OF evil consequences.
The public treasury, which should only
exist as a conduit conveying the peoples
tribute to its legitimate objects OF ex-
penditure, becomes hoardiAg place for
money needlessly Withdrawn from trade
and the peoples use, thus gripping our
national energies, obstructing our coun-
try's development, preventing invest
ment in productive enterprises, threaten
ing financial disturbance ana inviting
schemes Of public plumber. This con-
dition Of our tr easury is not altogether
new, and it has more than Onte Of late
been submitted TO the peoples represent
atiyes in the congress, who alone can
supply remedy. And yet the situation
still continues, with aggravated incidents
more than ever presaging financial con-
vulsion an ! widespread disaster. II will
not do to neglect this situation because
It's dangers are not now palpably immi-
nent and apparent. They exist none the
less certainly and on an unforeseen and
unexpected occasion they will be pcecip-
itated upon us.
THE SURPLUS.
On the 3Oth day Of June, 1885, the ex-
cess Of revenues over public expendi-
lures, after complying with the annual
requirement OF the sinking fund act, was
sl7,859, 1854; during tine year ended
June 30, 1886, such excess amounted to
SO, ,4O5, ,545. 20, and during the year
ended June 80, 1887, it reached the sum
of $50, ,567 ,sI0.54; the annual contribu
tions to the sinking fund during the three
years above specified, amounting ia the
aggregate TO $l3s, ,s5s, ,32O94, and deduc
tions from the surplus as stated were
made bycaling in for that purpose out
standing 3 per cent. bonds Of the gov
ernment. During the six months prio
to June 30, 1887, the surplus revenue hac
grown so large by repeated accumula
tions, and it was feared the Withdrawal
of this great sum Of money needed b.
the people would so affect the busines
Of the country that the sum of $79.S64,
100 Of such surplus was applied to tn
payment OF tue principal and interest c
the per cent. bonds still outstanding
and which were then payable at the op
tion OF the government. The precariou
condition OF the financial affairs anon
the people still needing relief immed
lately, after the 3Oth day Of June, 1885,
the remainder OF the 3 per cent. bond
then outstanding, amounting with prir
cipal and interest to the sum Of ,877
500, were called in and applied to til
sinking fund contribution for the currer
fiscal year.
Notwithstanding these operati tons
the treasury department representation
of distress in business CIRCLES not on
continued but increased, and absolu
peril seemed at hand. In these circun
stances the contribution TO the sinkir
fund for the current fiscal year was
once completed by the expenditure
s27, ,6S4, 1885 in the purchase of COVER
ment bonds not yet due, bearing an
~ per cent. interest, the premium pa
thereon averaging about "a per cent. I
the former, and per cent. for the latte
In addition to this the interest accou
accruing during the current year upc
the outstanding bonded Indebtedness
the government was to an sztent anti'